Title Searches

[RichD]

Welcome to the gang JohhnySweet.

[payla]

Hello everyone,

While back there was a 50 acer property in oro-medonte and when i did the title search found out that it had registered mortgage in the amount of $1.4 million by a receivership comany the property was sold for $151000  and out of curiosity i checked the title search after about three week and noticed that it had new owner's name with 151000 but the registered mortgage of $1.4 million and also the charge of city taxes were still showing up in the search they were not discharged my understanding was that city should give you the new deed clear of all the charges except for crown liens.
 If any one can tell if this is possible where they stay on title after the sale.

Thanks

[Frank]

The charge for $1.4 is of no effect, and the new owner should be going after the Municipality and the Registry office to have it removed - could be in the works. 

Why would you bother to double check it unless you were the buyer.

[payla]

Frank thanks for the response I am not the buyer but new to this business and wanted to make sure that this is how its working but looks like some thing is not working properly will double check with the municipality.

[realtor]

I have access to title searches on the internet through Geowarehouse.  This also provides maps and sales history on neigbouring properties.  (I.e. how much comparable properties sold for).